BRIDGEPORT, Conn., Oct. 15, 2015 /PRNewswire/ -- People's United Bank, N.A. announced today that its subsidiary, People's United Insurance Agency (PUIA), has acquired Kesten-Brown Insurance, a Bridgeport, CT-based insurance brokerage firm.
"We are pleased to announce the acquisition of Kesten-Brown, a firm focused on commercial lines and employee benefits," said Jack Barnes, President and Chief Executive Officer. "This transaction will further diversify revenues through additional non-interest income as well as bolster our insurance business. People's United ranks as the 12th largest bank nationally in terms of insurance brokerage fee income."
"This addition provides us with an opportunity to expand the range of products and services we offer, attracting new clients and providing our existing clients with an even broader array of options for their insurance and risk management needs," said Dan Casey, President and Chief Executive Officer, PUIA.
"We're very excited to be joining PUIA, as its depth, resources and outstanding customer service will bring additional products and service to our clients and prospects," said Robert Keston, a principal of Kesten-Brown. "Additionally, the stability and culture of PUIA allows all of us at Kesten-Brown the opportunity for personal growth and success."
Kesten-Brown Insurance, formed in 2000, is recognized for its expertise in serving larger commercial clients with a concentration in contractors, manufacturers, non-profit organizations, and real estate development risks.
PUIA is one of the top-performing and largest regional brokers in the Northeast, providing a broad array of insurance solutions for individuals and businesses including personal insurance, employee benefits and commercial insurance through a team of approximately 155 professionals. For information about PUIA, read more at peoples.com.
People's United Bank, N.A. is a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), a diversified financial services company with over $37 billion in assets. People's United Bank, founded in 1842, is a premier, community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of nearly 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.
SOURCE People's United Bank